Systems and methods for determining loan opportunities

Abstract

A loan opportunity system is configured to analyze loan data and / or population data in order to determine loan opportunities for a lender, such as a credit union. In one embodiment a lender is initially provided with one or more estimated loan opportunity indicators, such as indicators of quantities of loans in a specific geographic region for which the lender can likely offer lower rates. Subsequently, upon completion of a payment agreement with a loan opportunity provider, for example, and establishment of loan parameters associated with borrowers (and their existing loans) to which the lender would like to make firm offers of credit, the lender is provided with a loan opportunity list indicating details of borrowers and their respective loans for which the particular lender can likely offer lower rates.

Description

BACKGROUND OF THE INVENTION[0001]1. Field of the Invention[0002]The invention relates to systems and methods for determining opportunities for providing lower rate loans to borrowers.[0003]2. Description of the Related Art[0004]Lenders typically desire to increase the quantity of loans that they finance. For this reason, some lenders seek to locate loans financed by other lenders and to offer refinance of the loans to their respective borrowers. Thus, lenders may send mass marketing letters, email, etc. advertising their loan rates to large quantities of individuals, hoping that some of the recipients of their marketing materials actually have existing loans to refinance and that the recipients current loan rate is higher than can be offered by the lender. However, this mass marketing approach is costly and results in limited responses. Additionally, the potential borrowers that respond to such mass marketing materials may not qualify for the advertised loan rates or may be entirely...

AI Technical Summary

Benefits of technology

The patent describes a method and computer system for estimating the amount of automobile loans in a specific region and determining the difference between the estimated amount and the actual amount of loans serviced by a credit union. This information can be used to provide a detailed report on the potential for automobile loans in a specific region to a lender. The technical effect of this patent is to provide a more accurate and detailed analysis of automobile loan opportunities for credit unions, which can help them make informed decisions and better serve their members.

Problems solved by technology

However, this mass marketing approach is costly and results in limited responses.

Additionally, the potential borrowers that respond to such mass marketing materials may not qualify for the advertised loan rates or may be entirely unqualified for a refinance loan from the lender.

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